Ten of Europe’s largest banks have joined forces to launch qivalis, a new stablecoin venture that will debut a euro-backed stablecoin by 2026.
By Parth Dubey
Editor Julia Sakovich
Updated
3 mins read
A coalition of ten major European banks has officially launched a new Amsterdam‑based company called qivalis to create a euro‑pegged stablecoin capable of countering the overwhelming dominance of US digital‑dollar systems.
The consortium includes ING, UniCredit, BNP Paribas, Raiffeisen Bank International, SEB, Danske Bank, CaixaBank, KBC, Banca Sella, and DekaBank. Together, these firms intend to build a regulated European alternative as USD-focused tokens USDT and USDC capture a $261 billion market cap.
The group has appointed Jan‑Oliver Sell, known for his previous work at Coinbase in Germany, as CEO. ING’s digital asset lead Floris Lugt will serve as CFO, while former NatWest chair Howard Davies will head the board.
The plan is to secure an Electronic Money Institution license from the Dutch central bank, a process expected to take six to nine months. If approved, qivalis aims to launch its euro‑backed stablecoin in the early second half of 2026.
On the other hand, the United States is accelerating its own stablecoin expansion under the GENIUS Act, which encourages dollar‑backed token issuance to support US monetary influence abroad. Meanwhile, qivalis wants to reclaim monetary ground for Europe, competing with Tether and Circle.
The Swedish central bank, Sveriges Riksbank, recently released a detailed analysis exploring the systemic risks that widespread stablecoin adoption could pose.
It warned that if households move savings from insured bank deposits into private digital assets, the traditional banking sector could face higher funding costs, tighter lending conditions, and upward pressure on mortgage and business‑loan rates.
The report also discussed concerns around fire‑sale dynamics during redemption waves, inconsistencies in issuer guarantees, and competition between private monies that might trade at discounts.
Although MiCA creates a clear legal path for stablecoins backed by central‑bank reserves, the European Central Bank and national central banks continue to restrict issuer access to settlement accounts.
They permit accounts for payment purposes but limit balances to operational necessities. This blocks the formation of fully backed, full‑reserve stablecoins backed directly by central‑bank liquidity.
In Poland, President Karol Nawrocki vetoed a bill that would have put the country in line with EU crypto rules. He argued that the legislation threatened civil freedoms, introduced opaque domain‑blocking powers, and imposed regulatory fees that would crush small businesses.
Lawmakers warn that refusing to implement MiCA could push crypto firms to relocate abroad and leave Polish consumers without regulatory protection.
For qivalis, fragmented policies and national disagreements slow progress toward a unified European digital asset framework. However, MiCA’s eventual full implementation could give qivalis a stable, legally defined operating environment.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
